South Korea’s Jeju Island launches new blockchain initiative

South Korea’s Jeju Island announced the launching of the Blockchain Hub City Development Research Service, which will be investing 175 million won ($145,000) for research that will be conducted until December.

According to local news outlet Jejudomin, Tilon, a company that specializes in secure virtualization, will handle the project. Under the agreement, Tilon will analyze and develop blockchain models that are suitable for Jeju Island.

The government also plans to investigate and analyze advanced use-cases of blockchain technology, with plans to implement these services to attract local and foreign markets.

“We expect that this research service will contribute to the establishment of Jeju as a blockchain hub city that maximizes the potential of blockchain technology, the core technology of the 4th Industrial Revolution,” Noh Hee-seop, Jeju Island’s Future Strategy Director, said (as translated by Google).

Jeju, which aims to become another blockchain hub in the country, has an advantage into reaching these relevant developments since it has been self-governing since 2006. This means that the ‘bit-island’ has more autonomy when it comes to implementing local regulations, in a bid to become a “Free International City.”

Busan, the country’s second major city, also revealed its plan to launch a regional blockchain-based cryptocurrency in a bid to enhance its financial infrastructure. It plans to partner with BNK Busan Bank, a subsidiary of local holding firm BNK Financial Group, and other blockchain companies.

The country’s capital and the largest city Seoul is also set to roll out a point system that will reward its citizens with S-coins for using public services, including paying taxes and participating in polls. The point system will be incorporated in ZeroPay, and coins can be used to pay for goods and services.